Matthew Sigel, Head of Digital Assets Research at VanEck, highlighted discussions at the BRICS Summit regarding using Bitcoin to circumvent Western sanctions. Russian lawmakers are contemplating selling mined Bitcoin to international buyers. These buyers could use Bitcoin and other cryptocurrencies for import payments, offering a potential way to bypass economic restrictions imposed by Western countries.
This initiative reflects growing interest among BRICS nations to explore alternative methods for international trade, reducing dependency on traditional financial systems often influenced by Western policies. Such strategies underscore the potential of cryptocurrencies in reshaping global trading dynamics.
